Friday, March 3, 2017

Brad DeLong — Rethinking Productivity Growth

"You've come a long way, baby."

Plus side: Education and technology. Minus side: distribution. Even if technology froze for a while, there is plenty of room to distribute education and the benefits of existing technology.

Productivity is not the problem. Distribution is.

Project Syndicate
Rethinking Productivity Growth
Brad DeLong | Professor of Economics, UCAL Berkeley


Ramanan said...

Lot of charlatanism there but typical Delong.

This hoaxer will first never accept the causality from production to productivity. But the bigger thing this scammer will never tell us that distribution is a policy choice.

The tone of this con master Delong's article is: "Oh productivity is so good, but some people become losers. We have to rethink this. I care so much and am so compassionate". Avoids things such as reverse causality, policy choice and effects of globalization on jobs and inequality.

He's presenting all this as a choice: either have great standard of living or have a low standard of living and better distribution. Just a sophisticated version of TINA.

Total deceiver.

Andrew Anderson said...

Productivity is not the problem. Distribution is. Tom Hickey

If productivity gains were ethically financed then there'd be less need to redistribute in the first place. Instead we have and have had government-subsidized private credit creation, a means by which workers have been dis-employed with what is, in essence, the PUBLIC's CREDIT but for private gain.

"The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks." - Lord Acton